Autonomous vehicles also known as robot cars are driverless vehicles usually controlled by the computer, which is yet to be commercialized in the market. Many autonomous vehicles in development utilized a combination of cameras, sensors, GPS, RADAR, LIDAR, as well as an on-board computer. Also, these technologies work together to map the vehicle’s position and its proximity to everything around it. Furthermore, the autonomous vehicles will also help in reducing the CO2 emissions to the environment. The commercialization of autonomous vehicles will also contribute to the revenue growth of different industries which include IT, technology and electronics.

Drivers for the Global Autonomous Vehicle Market: According to current market condition, improved safety along with drop in traffic congestion, growth of connected infrastructure, and transition from ownership to mobility-as-a-service fuel the growth of the global autonomous vehicle market. Also, growing geriatric population, increased government focus on streamlined traffic infrastructure and increasing number of high-end passengers’ cars are some of the key factors influence the market growth. Apart from that, most of the manufacturers have shown an eager interest in manufacturing, developing, and commercializing autonomous cars in the years to come. All these factors anticipate triggering the growth of the autonomous car market in the coming years.

Opportunities for the Global Autonomous Vehicle Market: Development of smart cities and supportive government regulations are expected to create multiple opportunities in the market. The increasing demand from the developed and developing regions for automated and smart vehicle systems will boost the growth of the autonomous car market. In addition, transition from car ownership to mobility-as-a-service will provide ample opportunities for market growth.

Restrains for the Global Autonomous Vehicle Market: Lack of infrastructure in developing nations, data management challenges, and high upfront cost are the major restraints hampering the growth of the autonomous vehicle market across the globe. Moreover, due to poor infrastructural growth to help V2V connections, strict government rules, and growing threats from terrorism may limit the growth of the autonomous car market.

Region Wise, Global Autonomous Vehicle Market Analysis: On the basis of region, global artificial intelligence in security market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Europe is anticipated to grow at the highest CAGR due to the adoption of autonomous technology in marine transport coupled with the implementation of new technologies in the region. Europe region is followed by North America and Asia Pacific.

Based on Type, the autonomous vehicles market segmented into Commercial, Passenger, and Defense. Passenger Vehicles segment is expected to hold significant market share due to owing to the growing importance of better fuel efficiency, road safety, and engine performance. Passenger vehicles are the most used mean of transportation in developed nations, and the numbers are continually rising in developing countries.

Based on application, the autonomous vehicles market bifurcated into Hardware, software, and Service. The software segment is expected to have the highest growth due to the adoption of systems with in-built components such as Artificial Intelligence, IoT, advanced navigation systems and others to improve the vehicle operation.

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